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Gold's Outlook Turns Bearish on Drop Below 100-Day MA


Monday, 12 November 2018 18:27 WIB

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Gold traded near a one-month low, hurt by the strength in the dollar. Prices ended last week below the 100-day moving average, often a bearish signal, and the Bloomberg Dollar Spot Index is at a 18-month high.

Bullion for immediate delivery weakened 0.2% to $1,206.89/oz . Bloomberg Dollar Spot Index added 0.5% .

However, there are some bright spots. ETF investors and hedge funds show no signs of abandoning gold, and early estimates suggest that buying during Dhanteras, the most auspicious day in the Hindu calendar to buy gold, was better than expected.

Indian gold retailers sold 16 tons of jewelry and investment bars and coins this year, compared to 14 tons in 2017, according to Saurabh Gadgil, chairman and managing director at PNG Jewellers

Holdings in exchange-traded funds backed by gold have risen for five weeks, the longest stretch in more than a year.

Source: Bloomberg


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